The time to transfer property in South Africa can vary depending on the type of property being transferred.
The process of transferring property in South Africa is as follows:
1) The seller will first need to register the property with the Deeds Office and pay a transfer fee.
2) The buyer will then apply for an inspection report from a registered surveyor and pay an inspection fee.
3) The buyer will then apply for a new title deed, which includes paying another transfer fee.
4) Once all these steps have been completed, the Deeds Office will issue a certificate of registration for the new owner’s name and notify all relevant parties of this change in ownership.
The time to complete these steps varies depending on how quickly each step can be completed by each party involved in the transaction.
How long does it take to transfer ownership of a property?
Transferring ownership of a property can take a few days or weeks depending on the process that is followed. The process starts with the buyer and seller agreeing to a price for the property. The buyer then pays an initial deposit to the seller and arranges for their solicitor to attend a completion meeting.
It is unnecessary for the buyer’s solicitor to be present at this meeting but it will speed up proceedings if they are there. The solicitor will need to provide details about who they represent, how much money has been paid by the buyer and what documents are being produced as evidence of payment at this stage.
The completion meeting lasts around an hour and is usually attended by both parties solicitors, estate agents, surveyors, mortgage lenders and any other relevant party such as building inspectors or environmental assessors.
